Comment Text:
i0-001
COMMENT
CL-03664
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Steve Marshall
Monday, January 25, 2010 12:18 AM
secreta ry < secreta ry@ C FTC. g ov >
Re: Regulation of Retail Forex
Is the CFTC attempting to destroy the retail Forex market in America? If 10:1 is the maximum
leverage when trading currencies,
you will effectively shut out anyone with a small account. You will be taking away one of the few
ways left that the "Little Guy" has
to make any substantial money by investing. The futures market is out of reach for these people.
Investing in the stock market is
for fools because of the extremely low leverage and because it is more complicated to short the
market, which is necessary to be
profitable in the present economic climate .
Most of us are tired of the government's "Nanny" mentality. We understand the risk of trading the
Forex markets. How couldn't we?
The disclaimers are posted all over the damn internet informing us that "investing in the Forex
market is risky and that we can lose
part or all of our capital". We are adults. We don't have to be babysat. Anyone who blows their
entire account because they take on
too much risk by overleveraging and by not exercising prudent money management can't cry about
it and say they haven't been warned.
If 10:1 leverage becomes a reality, there will be an exodus from American Forex brokerages. Talk
about a huge "sucking sound"!
Traders will move their money to offshore accounts. Forex brokers and the American economy will
be the ultimate losers, but that
is always the case with overregulation. Aren't you aware that we are in one hell of a recession, with
unemployment in the double-digits?
This isn't the time to come up with new restrictions, unless you are damn sure they will prevent
another meltdown from happening.
Please think real hard about making 10:1 the maximum leverage for Forex. Nothing above 100:1
makes sense, but 10:1 is too
restrictive. I don't know why, but when it comes to government regulations and laws, it seems like
the guys that always play by the
rules get screwed and the unscrupulous are always able to find the loopholes and continuei0-001
COMMENT
CL-03664
on . Does Goldman Sachs ring a bell?
How about Bernie Madoff?
Thanks for listening.
Steve Marshall
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